Published on 5/28/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.56 million phoenix autocallables linked to S&P 500, Russell 2000
By Angela McDaniels
Tacoma, Wash., May 28 – Barclays Bank plc priced $1.56 million of phoenix autocallable notes due May 20, 2025 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.65% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
Beginning in May 2016, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level of the lesser-performing index is greater than or equal to its barrier level, 65% of its initial level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,559,000
|
| Maturity: | May 20, 2025
|
| Coupon: | Each quarter, the notes will pay a contingent coupon at the rate of 7.65% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. Otherwise, no coupon will be paid for that quarter.
|
| Price: | Par
|
| Payout at maturity: | If the final level of the lesser-performing index is greater than or equal to its barrier level, 65% of its initial level, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
|
| Call: | Beginning in May 2016, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
|
| Initial index levels: | 2,104.20 for S&P 500 and 1,238.76 for Russell 2000
|
| Coupon barriers: | 1,578.15 for S&P 500 and 929.07 for Russell 2000; 75% of initial levels
|
| Barriers: | 1,367.73 for S&P 500 and 805.19 for Russell 2000; 65% of initial levels
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agent: | Barclays
|
| Fees: | 3.25%
|
| Cusip: | 06741UVG6
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
